IndianOil Kotak Credit Card – Benefits, Fees & Eligibility

Introduction

The IndianOil Kotak Credit Card, issued by Kotak Mahindra Bank, is an entry-level, co-branded fuel credit card designed for individuals new to credit and those who frequently refuel their vehicles, particularly at IndianOil outlets. This card aims to provide a rewarding experience with significant savings on fuel, along with benefits on dining and grocery spends, and includes a personal accident insurance cover. Cardholders can potentially earn up to 60 liters of free fuel annually.

Welcome Benefits

• Receive 1000 Reward Points as a welcome benefit upon spending ₹500 or more within 30 days of card issuance.
• This benefit is applicable only if the joining fee for the credit card is paid.
• The welcome benefit will be credited within 3 months of completing the eligible transaction.

Fees

• Joining Fee: ₹449 + applicable taxes.
• Renewal Fee: ₹449 + applicable taxes.
• Spend-Based Waiver: The annual fee is waived on annual retail spends of ₹50,000 or more in the previous anniversary year. The joining fee is not waived.
• Rewards Redemption Fee: Nil.
• Foreign Currency Markup: 3.5%.
• Interest Rates: 3.75% per month, equivalent to 45% per annum.
• Fuel Surcharge: A 1% fuel surcharge waiver is applicable on fuel transactions between ₹100 and ₹5,000 at IndianOil pumps only. The maximum waiver is capped at ₹100 per statement cycle. This waiver is not applicable on UPI transactions.
• Cash Advance Charges: 2.5% of the cash withdrawn, subject to a minimum charge of ₹500.
• Add-on Card Fee: Nil.
• Replacement Card Fee: ₹100.

Rewards

• Fuel Spends: Earn 24 Reward Points on every ₹150 spent on fuel at IndianOil outlets, which is equivalent to 4% back. This is capped at a maximum of 1200 Reward Points per statement cycle.
• Dining & Grocery Spends: Earn 12 Reward Points on every ₹150 spent on dining and grocery, equivalent to 2% back. This is capped at a maximum of 800 Reward Points per statement cycle. This benefit is valid only on select merchant categories (5812, 5814, 5813, 5411, 5311, 5399, 5422, 5451, 5499 & 5441).
• Other Spends: Earn 3 Reward Points on every ₹150 spent on all other transactions, equivalent to 0.5% back. There is no maximum monthly capping on these spends.
• UPI on Credit Card Transactions: Earn 0.5% Reward Points on every ₹150 spent on all UPI transactions made using the credit card, across all spend categories.

Rewards Redemption Guide

• Kotak Rewards: Redeem accrued Reward Points at a value of 1 Reward Point = ₹0.25 against an exclusive catalog of benefits available on kotakrewards.com. Redemption options include merchandise, e-vouchers from popular brands, movie vouchers, travel bookings, and mobile recharge.
• Cashback: Convert accrued Reward Points into cashback at a value of 1 Reward Point = ₹0.20. A minimum of 2,000 Reward Points is required to avail this redemption facility. To redeem as cashback, cardholders need to call Kotak Customer Care at 1800-4100. The request will be processed within 2 working days, and a confirmation will be sent to the registered contact details.
• IndianOil XTRAREWARDS: Convert Reward Points into IndianOil XTRAREWARDS points through Net or Mobile Banking. Conversions must be in multiples of 300 Reward Points, where 300 RPs = 250 XTRAREWARDS points. Each XTRAREWARD point is valued at ₹0.30 and can be used to pay for fuel at IndianOil outlets.

Card Eligibility Criteria

Eligibility Rules

• Individuals must be a resident of India.
• Applicants must be between 18 and 65 years of age.
• Applicants must have a stable source of income.

Documents Required

• ID Proof: PAN Card.
• Address Proof: Aadhar Card, Electricity/Water Bills, Ration Card, Passport, etc.
• Income Proof: Latest salary slips, Form 16, latest bank statements, audited ITR.

Card Review

The IndianOil Kotak Credit Card is an excellent choice for individuals who frequently travel by vehicle and regularly refuel, particularly at IndianOil outlets. It serves as a great entry-level card for those new to credit. The card offers a valuable welcome benefit and accelerated reward points on fuel, dining, and grocery spends. Reward points can be redeemed flexibly as cashback, for merchandise on Kotak Rewards, or converted to IndianOil XTRAREWARDS points for direct fuel payments. Additional benefits include personal accident insurance cover and concierge services. While there is a maximum capping on reward points for certain categories, the overall positive features and the potential to earn up to 60 liters of free fuel annually make it a strong contender for individuals seeking a fuel-focused credit card.

Important Product Details

• Welcome benefit of 1000 Reward Points on spending ₹500 or more within 30 days of card issuance.
• Earn 24 Reward Points on every ₹150 spent on fuel at IndianOil outlets.
• Earn 12 Reward Points on every ₹150 spent on dining and grocery.
• Earn 3 Reward Points on every ₹150 spent on all other transactions.
• Annual fee waiver on spends of ₹50,000 or more in the previous year.
• 1% fuel surcharge waiver with a maximum of ₹100 per month.
• Personal accident insurance cover of ₹2 Lakhs.
• Rupay Contactless payment facility for transactions up to ₹5,000 without entering a PIN.
• Potential to save up to 5% on IndianOil fuel spends (calculated as 4% back in Reward Points and 1% back as Fuel Surcharge waiver).
• Estimated annual benefits worth ₹8,000 on total annual spends of ₹3,60,000 (based on monthly spends of ₹30,000 and assuming 1 Reward Point = ₹0.25).
• The card does not offer complimentary airport or railway lounge access.

Other Details

• Concierge Services: Personal concierge and assistance are available by calling 1800-26-78729. Services include gift delivery, restaurant bookings, flower delivery, car rental, limousine reservation, movie ticket booking, and golf reservations. This service is applicable on the Rupay variant only.
• Add-on Card: Free add-on cards are available, providing all the benefits of the primary credit card. Cardholders can set desired spending limits for add-on cards and track their expenditures separately.
• Contactless Payment: The card features Rupay Contactless technology, enabling quick and secure transactions of up to ₹5,000 without the need to enter a PIN.
• Insurance Benefits: Cardholders receive an insurance cover worth ₹2 Lakhs for personal accidents.
• General Information: The IndianOil Kotak Credit Card is a co-branded offering from Indian Oil and Kotak Mahindra Bank, positioned to maximize savings and rewards on everyday spends, especially fuel.
• Legal Disclaimers: The Kotak Rewards portal is governed by a separate set of Terms & Conditions. Detailed fees and charges can be found in the Most Important Terms and Conditions (MITC). Specific terms and conditions apply to onboarding offers and RuPay exclusive offers.